Opening Bell: Bank of England's rate cut, business leaders call for tax cuts, Irish confidence takes a knock

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The Bank of England is expected to cut interest rates later for the first time in more than seven years, in a move forced on policymakers after Britain voted to leave the EU.

The governor, Mark Carney, hinted after the referendum result that the Monetary Policy Committee (MPC) could this summer cut rates and pump cash into the economy through quantitative easing.

Such moves would be aimed at stimulating growth in an economy that was already slowing ahead of the Brexit vote.

Financial markets predict a reduction in rates from 0.5% to 0.25%.

If they are, it will mark interest rates down below the 0.5% rate introduced by the Bank at the height of the financial crisis in 2009.


Business group Ibec has warned that Ireland needs to lower taxes to stay competitive in the wake of the Brexit vote.

It wants an increase in relief for entrepreneurs and investors.

The group also believes that workers should earn more before entering the higher tax band.

Ibec's Policy Director Fergal O'Brien says we need to response aggressively, rather than taking a cautious approach.

He added that it would be beneficial for Ireland to break EU fiscal rules to increase capital investment and then "ask for forgiveness" - particularly to invest in social housing, the director told Newstalk.

Meanwhile, former Central Bank deputy governor Stefan Gerlach has told The Irish Times that Ireland needs a contractionary budget and that the State may need to reverse tax cuts and promised spending increases.


Confidence in the Irish economy fell dramatically ahead of the UK's in/out referendum on EU membership.

The latest PwC Irish CEO Pulse survey shows that 71% of Irish chief executives are optimistic about Ireland's economic prospects, this is down from 92% last year. The data was gathered between April and May.

PwC notes that a possible Brexit and uncertainty caused by the presidential election in the US weighed on the minds of respondents.


Shares in the Japanese company Nintendo have soared this morning off the back of Pokemon Go.

So far today the value of shares in the gaming company have gone up by 16% that's an overall increase of 56% since trading closed last Friday.

The game has become a global phenomenon since its release less than a week ago - but it's not yet known when it'll be released in Ireland.

The augmented reality smartphone app has already brought in 7.5 billion US dollars for Nintendo.